Osprey submitted a draft registration assertion to the Securities and Change Fee to transform its Osprey Bitcoin Belief (OBTC) into an exchange-traded fund, the corporate introduced as we speak.
The transfer follows the termination of Osprey’s acquisition cope with Bitwise, which might have transferred OBTC’s belongings to Bitwise’s ETF (BITB) however didn’t safe regulatory approval.
OBTC, which presently tracks Bitcoin costs utilizing the Coin Metrics CMBI Bitcoin Index, holds $181 million in belongings beneath administration as of January 2025.
Whereas OBTC’s unit worth has elevated over the previous 12 months, it stays under its launch-time peak.
Greg King, CEO of Osprey Funds, views ETF conversion because the “surest path” ahead for the corporate’s Bitcoin funding choices.
The proposed conversion goals to offer enhanced liquidity, broader accessibility, and potential payment reductions via the ETF construction.
The event happens whereas Osprey maintains an ongoing lawsuit towards Grayscale, alleging deceptive promoting concerning Grayscale’s trust-to-ETF conversion prospects.
